Subject: VAR Violations
From: [email-masked]
To: [email-masked]
Cc: [email-masked]
Date: Mon, 12 Nov 2001 05:53:14 -0800 (PST)

?	Corp. VAR came in this morning at $99.8MM, up approx $10MM.  Specifically, Americas business unit VAR is at $88MM, up approx $10MM.  Six came from the gas desk and four came from the power desk, mostly East power.  

On Friday, we recognized that all desks were under their limits, leaving us the option of either temporarily lowering desks trading limits, or having the management reduce its risk.  (Lack of desk diversification, thereby limiting available VAR for yourself to trade.) 

Please let me know next steps.

Frank